Group health insurance for employees

Our group health insurance comes with frictionless claims, less paperwork, and minimal HR dependency.

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Group Health Insurance for employees

Why is group health insurance necessary?

Only one-third of the Indian working class has an active health cover. Most employees depend on company-sponsored group health insurance policy to help during emergencies.

Moreover, with the rising hospital bills in metro cities, employees usually want a bigger coverage - and group insurance policies provide them at a lesser premium.

Following the COVID-19 pandemic lockdown in 2020, the Indian Ministry of Home Affairs and the Insurance Regulatory and Development Authority of India (IRDAI) have issued a mandatory order to provide group health insurance to employees in India.

Oftentimes, providing a comprehensive group insurance policy is a direct reciprocation of how much you respect your employees’ health and well-being. The more you care, the more your employees stay healthy and productive.

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What is group health insurance?

A group health insurance policy provides comprehensive health insurance coverage to a group or a number of employees working in the same organization or company. Group Health Insurance, often offered as employee benefits - covers these groups of individuals from any medical or hospitalization emergencies.

Employees today expect their employers to provide the best health insurance for employees. An individual insurance plan does not cover pre-existing medical conditions and doesn’t wave off waiting periods for most treatments. Whereas, a group medical insurance policy is a much cheaper option if you want to cover dependents like spouses, children, parents or parents-in-law and can cover any pre-existing diseases with no waiting period.

How does a group health insurance policy work in India?

Now that you have known what is group health insurance for employees, let us know how a group health insurance policy work in India.

Group health insurance covers a group or a number of people under the same master policy. This can also be known as a blanket cover. This type of policy covers all the members included in the policy uniformly irrespective of their age, gender, and occupation.

The members of the policy, typically the employees can also extend the employee insurance coverage to the members of the family. However, this depends upon the terms and conditions of the master policy and the coverage it offers.

Mostly the employers pay the premiums towards the group health insurance policy. For this, the employers are granted tax exemptions under the Income Tax Act of India. The premium paid for a group health insurance policy is much lesser than a retail health insurance policy. This is because the risk involved is spread across the members of the group.

The employees are covered under the group health insurance policy as long as he/she remains part of the organization. In case the employee leaves the organization then the group coverage provided to that employee ceases to exist.

Best group health insurance plans in India

Here are some of the best group health insurance plans in India based on the Incurred Claims Ratio (as per the latest IRDAI report) and the number of cashless network hospitals. Any Group health insurance company with an incurred claim ratio between 50-100% is considered good.

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Explore group health insurance in major cities

Have questions about group health insurance? We can offer you one-on-one consultations and help customize your group health insurance policy. Feel free to drop by our offices located in major Indian cities for a direct meeting with us!

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Who should buy group health insurance policy?

Early Stage Startups

Teams as small as two can opt for employee group health insurance from Pazcare. If you planning to put together a killer team, then subscribing to a group plan early on should give you a jump start.

SMBs and Early Scaling Companies

Have you ever wanted to put your insurance administration on autopilot? Monthly addition/deletion of employees and communicating that to your insurance partner is painful, to say the least. Delegate your insurance ops to Pazcare while you focus on more impactful People projects.

Large Organisations

Benchmark your current insurance policy with peers and find a way to give more benefits at less. Our experts sit with you to analyze existing policies and take you through a personalized insurance renewal journey.

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Advantages of group health insurance policies

Employer-Employee benefits have become fairly straightforward, but it is important for HR teams to understand the second-order effects that kick in after buying a group health policy. Now let us see how can group health insurance policies benefit employers and employees.

For Employers
01

Attract & Retain Top Talent

Every company wants only the creamiest of employee talent - a comprehensive benefits plan will help you get the right eyeballs. Retention also is taken care - because today’s generation indexes a lot towards perks apart from their compensation.

02

Empathetic Workplace Culture

Employees perceive company culture by the type of benefits that are provided to them. Offering group health insurance shows that you care, and you can expect a similar amount of reciprocation to come from your employees.

03

Tax Incentives

If you are an employer and are paying for your team’s group health premium - you are eligible to avail tax credit. Imagine getting compensated for a goodwill expense.

For Employees
01

Easy Claims Process

With Pazcare you never become liable for your employees’ claims. Be it cashless or reimbursement ‘Paz Claims team’ will ensure a smooth hospitalization experience.

02

Cover Family For Free

Employees can cover their dependents at literally zero cost. By this, you are not only helping your team save on some necessary expenses but also showcasing empathy and gratitude.

03

Focus on Holistic Wellbeing

Unlike traditional players - Pazcare is also responsible for your employees’ well-being. Every individual that is added to your group medical policy can access preventive healthcare offerings like health checkups, doctor consultations, and buying medicines at subsidized rates through the Pazcare App.

Benefits of group health insurance

Group health insurance policies have several advantages over an individual health insurance policy in terms of coverage, tax benefits and many more. Let us see them.

Group health insurance vs Individual health insurance

Parameters Group health insurance Individual health insurance
Covering Parents Since the risk is spread across lives, premium for parents cover is often subsidized. Costs a bomb if an individual has to buy it for his/her parents.
Pre-Existing Diseases A group health insurance policy covers your existing diseases. One has to pay at least 1.7x of their individual health premium to cover each parent.
Complementary Life Hack Benefits Personal Wellness is mandatory nowadays. It’s an add-on in your group policy. Subscriptions to wellness packages and managing things over a single app are painful challenges.
Waiting Periods Group Health Policy can be claimed from day 1. There is usually a 30-day waiting period that someone has to go through.
Tax Benefits The premiums paid qualify as a business expense. Hence, employers can avail of tax Based on the age of the insured/dependents, individuals can avail of tax
Tax Benefits The premiums paid qualify as a business expense. Hence, employers can avail of tax benefits as per the Income Tax Act irrespective of the age of the insured. Based on the age of the insured/dependents, individuals can avail of tax benefits for the premium paid towards the policy.
Application Process Paz insurance experts will research, compare and customize your policy to fit your needs. Individuals have to research and apply for the policy on their own.
Policy Underwriting Underwriting is based on broader factors and assesses the collective risk of insuring a group of individuals. Underwriting can be more stringent as it focuses on the specific risk associated with insuring individuals.
Negotiating Power Group policies often have more negotiating power and can achieve lower per-capita premiums because of the principle of risk pooling. The negotiating power is very low as it covers individuals and their dependent family members.
Rejection Rate It has a 0 rejection rate. All employees are covered regardless of health status and are not denied coverage. Individuals with significant pre-existing conditions might be denied coverage or have to pay higher premiums.

Features of a group health insurance

01

Waiting Periods waived off

Unlike your retail policy, many of your pre-existing conditions are waived off. Coverage for critical illness, maternity, cataract, and others start from day 1.

02

Pre & Post Hospitalisation

Not only hospital bills but expenses incurred pre-hospitalization and after discharge will be reimbursed.

03

Cashless Treatments

If you are pre-planning your hospitalization, find the nearest network hospital through the Paz app and enjoy a cashless experience.

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Buy group health insurance online - Points to remember

While looking to buy group health insurance online for employees in India, you must be aware of certain points that can critically affect the experience and the premium paid towards the policy. They are - 

01

Coverage offered

Group health insurance for employees has 3 types of coverage. Employee only, Employee spouse and children, and Employee Spouse Children Parents/In-laws. LGBTQ+ partners can also be covered in your group health insurance plan.

02

Sum Insured

Depending on the type of cover you offer for your employees, the sum insured amount can be decided. This can typically start from as low as 50k. If the family of the employees are covered, then it will be ideal to go for a higher sum insured.

03

Maternity cover

With a young and modern workforce it is always good to opt for a maternity cover. You can also offer capping on maternity cover for metro and non-metro cities, thereby reducing your premium paid.

Your experience of the group health insurance policy can be largely affected by the following.

04

Claim settlement ratio of the insurer

The claim settlement ratio or the CSR indicates the credibility of the insurer. As a rule of thumb, the higher the ratio, the more reputable the insurer.

05

Claims experience

When an employee raises a group health insurance claim, the claims team should be highly responsive and help the employees with queries. With Pazcare, you get a dedicated SPOC and 24X7 claims assistance.

Why should you buy group health insurance from Pazcare?

If you’ve come this far, then you are someone who is really looking to get the best group health insurance plan for your team. And you know the drill when it comes to negotiating and getting the best terms & conditions - more often than not it is painful and drains a lot of your energy.

At Pazcare, we are committed to making the entire process personalized and less of a hassle. You set expectations with your budget and we talk to insurers to get the best policy terms and coverage.

More reasons why Pazcare should be the best choice for your team

01

Curated Admin dashboard

Administration of multiple benefits and policies is now possible under one single dashboard. You get exact visibility on how employees use their benefits. Use frequent nudges to make your employees consume the benefits provided to them. And get monthly reports and analytics to present to C-suite.

02

Personalized Employee Experience

Employees can easily check what is covered and where are the nearest network hospitals. Either on Desktop or on App - one can raise cashless and reimbursement claims within a click without having to intimate their HRs and admins.

03

Hasslefree Claims Support

Say hi to Pazcare’s app - employees can now file and track the status of their claims on the go. Chat with our internal claims team 24X7 within the Paz app and get your queries answered then and there.

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They love their employee benefits!

You can easily choose and build your benefits package. We have it all.

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Prakash

4.5 / 5

4.5 / 5

The Pazcare team was very helpful in helping us with the details and the documents needed for the claim process. Everything about the company is impressive.

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Shreya Roy

4.5 / 5

4.5 / 5

The Dashboard is very easy to use and additions and deletion have become extremely easy and seamless. Employees have easy access to insurance details on the app

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Hemanth Kumar Addada

5 / 5

5 / 5

The dashboard is also very user-friendly with a very good UI/UX.

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Vishwanath HY

5 / 5

5 / 5

Dashboard really helps in getting quick response for any queries and reimbursement

Final thoughts

A comprehensive group medical insurance policy can be a great asset to keep your employees motivated and productive. It portrays how much you care about them and respect their healthcare needs.

With Pazcare, we promise a personalized buying experience while all your employees will be treated and taken care of like our own employees. Set up a consultation call with one of the benefits experts today to know more.

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FAQs on group health insurance for employees in India

What is the minimum number of employees required for group health insurance?

According to IRDAI an organisation with 7 or more lives is qualified to buy group health insurance.

Is group health insurance mandatory for employees working in India?

As per the post lockdown Covid-19 guidelines by the Indian government, group medical insurance has become mandatory for employees.

What are the factors involved to calculate a group health insurance policy premium?

There are various factors that decide the premium of a group health insurance policy in India. They are the geographical location of the organization, the number of employees covered, the number of dependents covered (if any), the age of employees & dependents, add-ons opted on the policy, and previous claim history (if renewal).

How is an employee group health insurance policy different from an individual health insurance policy?

Group Health Insurance Individual Health Insurance
Group health insurance policy is usually purchased by employers for their employees. Individual health insurance policy is purchased by the individuals/the family members.
The employee group health insurance policy is issued in the name of the employer/organization. Hence, the employer can cancel the policy as per the interests. Individual health cover is issued in the name of the individual who has purchased the policy. Hence, he/she holds the authority to cancel the policy.
A group health insurance plan is valid as long as an employee is part of the organisation. As long as the individual pays the premium, an individual health insurance policy is valid.
Usually, a group health insurance policy covers pre-existing diseases with no waiting period. Individual health insurance policy has a waiting period for covering pre-existing diseases.
The insurer does not conduct any pre-medical tests for the employees for corporate group health insurance policy. Pre-medical tests are conducted for the individuals by the insurer for individual health insurance policies.

How to buy group health insurance online?

Get in touch with Pazcare. Submit the form. Our health insurance consultants will get in touch with you within 24 hours and understand your requirements, give a product demo and personalize your group health insurance policy. We get you best comprehensive quotes from 5+ insurers. Choose the best offering and your onboarding process starts within 24 hours of your policy purchase.

Who is eligible for group health insurance?

All startups, organisations of all types and sizes, or groups with a common interest in buying a group plan are eligible for group health insurance.

Who can buy group medical insurance for employees?

Group medical insurance for employees can be purchased by all startups, organisations of all types and sizes, or groups with a common interest in buying a group plan are eligible for group health insurance.

How to buy/renew my group health insurance with Pazcare?

Here are the steps to renew the Group health insurance policy for employees

  1. You can write to us at marketing@pazcare.com or visit our Pazcare and submit the work email and mobile number.
  2. Our health insurance consultants will contact you and help you with the renewal process.

Can I  purchase group health insurance for a small business?

Yes, with Paz for Startups plan, you can buy group health insurance for small businesses for employees as low as 2. Our health insurance consultants will help you create the best tailor-made group health insurance plan for your employees.

What are the types of group health insurance policies? I am starting fresh.

There are 3 types of group health insurance policies.

  • Employee only (E)- only the employee of the organisation is covered by the employer.
  • Employee, Spouse & Children (ESC) - employee, his/her spouse and dependent children will be covered.
  • Employee, Spouse, Children & Parents (ESCP) - employee, his/her spouse, dependent children and parents/in-laws are covered in this policy.

What are the important variables/cappings to decide before buying group health insurance?

Sum insured, Room rent offered, Maternity coverage offered, Waiting period offered, type of coverage offered, and Copay are some important variables/cappings to be considered before your group health insurance policy purchase.

What are the documents needed from the company’s side when buying group medical insurance?

In the case of group health insurance renewal, the documents required are Active employee data, Policy copy, and Claim dump details. Based on your previous coverage and claim details the group health insurance quote will be given to you.

In case of a fresh policy, active employee data will be sufficient.

Where and how can I keep a check on my employees' insurance data?

Our user-friendly Pazcare dashboard gives an overview of all your insurance data. You can also download these as reports as per your requirement to have more clarity on the insurance data. This includes claims data, CD balance, and no. of employees added and removed (endorsements).

Does Pazcare provide technical and claim support for group health insurance?

Pazcare offers 24/7 customer support.  If you face any difficulty or need support, we have 24x7 human-assisted chat support on WhatsApp/email (support@getpaz.com) and on calls (+91-8037834753).